Tuesday, May 13, 2008

285-297 Summer St. Sold for $14M

Aegean Invests $14M in 47,000-SF Office Property

Summer St. Bldg. Trades for $306 PSF

Aegean Capital acquired 285-297 Summer St. in Boston from Payette Associates Inc. for $14.25 million, or about $306 per square foot.

The six-story, 46,550-square-foot, Class B office building was built in 1897 and is in the South Station/Fort Point Channel submarket. The building is on .2453 acres and has a parking ratio of .33 per 1,000 square feet. The property is 100% occupied by Payette Associates.

Richard Bradbury and Richard Herlihy of Richards Barry Joyce & Partners represented the buyer and the seller.

Please refer to CoStar COMPS #1510365 for more information on this transaction

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